The internets is fickle and changes its mind all the time.
PS4: Performance is everything
PS5: Performance doesn't matter
- the internets
For me personally, you could have had the same discussion with the PS4 Pro. It’s why backward compatibility is important.
That said, this time the performance isn’t all that easy to judge. The previous generation were basically budget PCs with GPU and bandwidth being the main differentiating factors. This time, all aspects of performance have been much more carefully tuned with the highlight being an incredibly huge difference in solid state innovation - that is one of the biggest jumps in performance on an important aspect of the console design ... ever? And in that area the difference is much bigger percentage wise than differences in GPU or bandwidth. So it is much harder to judge the actual overall performance differences against previous generations. I think it is probably no surprise that one is focusing more on cross gen than the other though.
Incidentally, if the PS5 is going to support slotting in an additional NVME drive completely inside its form factor, then that will explain part of its size right there, assuming this is potentially also an additional part that needs cooling.